According to a LAWPRO survey, more than half of Canadians do not have a will. A CIBC survey says nearly 1/3 of Baby Boomers haven’t prepared one.
Unfortunately, not preparing a will won’t keep you from dying. And sometimes, incapacity can prevent you from preparing one if you wait too long.
If you die intestate, your money doesn’t go to the government as some people fear. But it does get distributed based on the government’s formulas, which may not result in things not going as you might have otherwise liked.
Beyond that, a will is an opportunity for you to make provisions for things like your children’s guardianship, your funeral arrangements and even your pets.
It is not uncommon for a couple’s wills to cost over $1,000 with a lawyer, depending upon where you live in Canada. However, the cost of not having one can be tens of thousands of dollars, or even immeasurable depending on the severity of the resulting repercussions.
Unfortunately, not preparing a will won’t keep you from dying
Staples has long offered fill-in-the-blank will kits for $19.95. Companies like LegalWills.ca offer interactive online wills for $39.95. And Walmart jumped into the will market last year, offering $99 wills through Axess Law Offices in some of their Ontario stores.
I’m not saying that a will kit is the way to go, any more than I’m recommending do-it-yourself root canals. But sometimes do-it-yourself seems better than not doing it at all. And even those Canadians who have wills would be well-advised to dust them off and make sure they haven’t made some of the above mistakes – before it’s too late to fix them.